Innovative Industrial Properties (IIPR) has priced a public offering of 2 million shares of its 9.25% series B cumulative redeemable preferred stock at $25 each for gross proceeds of $50 million, the company said late Thursday.
Underwriters have a 30-day option to purchase up to an additional 300,000 shares.
Net proceeds will be used to fund investments, as well as for general corporate purposes.
Closing is expected on Oct. 19, subject to customary closing conditions.
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